Temptation Foods - Outcome of EGM

Temptation Foods Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 26, 2007, inter alia, have accorded the following:

1. Approval of the issue of 50,000 Equity Shares of the Company to Ms. Karen Anand and Mr. Yadu Sankalia (25,000 Equity Shares to each), on preferential basis, at an issue price of Rs 200/- per Equity Share, for consideration other than cash.

2. Approval of the issue of 3,30,000 Warrants to Directors and Business Associates, on preferential basis, at an issue price of Rs 200/- per Warrant to be converted into one fully paid Equity Share of the Company of Rs 10/- each for every Warrant held at a conversion price Rs 200/- per Equity Share.

3. Approval of the issue of 30,00,000 Warrants to Venture Business Advisers Pvt Ltd, the promoter Company, on preferential basis, at an issue price of Rs 200/- per Warrant to be converted into one fully paid Equity Share of the Company of Rs 10/- each for every Warrant held at a conversion price Rs 200/- per Equity Share.

4. Approval of the issue of 70,00,000 Warrants to NRI Tax Services.com India Ltd, on preferential basis, at an issue price of Rs 200/- per Warrant to be converted into one fully paid Equity Share of the Company of Rs 10/- each for every Warrant held at a conversion price Rs 200/- per Equity Share; and

5. Approval of the appointment of Mr. Vinit Kumar as the Managing Director of the Company and of the remuneration and perquisites and other terms and conditions of the appointment.